FARMERS BRANCH, Texas, Aug. 14, 2017 /PRNewswire/ -- Ironclad Performance Wear Corporation (OTCQB: ICPW), the recognized leader in high-performance task-specific work gloves, today announced that it is postponing its report on unaudited financial results for the second quarter ended June 30, 2017, and that it will be late in filing its Quarterly Report on Form 10-Q for the period, because of the pending restatements of prior-period financial results.
On July 6, 2017, Ironclad reported that its financial statements for the fiscal years ended December 31, 2016 and 2015 and the fiscal quarters ended March 31, 2017 and March 31, June 30 and September 30, 2016 required restatement.
"The Company is diligently pursuing completion of the restatements of its financial results, and we now estimate that we will complete the restatements and file the applicable amended annual and quarterly reports within the next 30 to 60 days," stated Michael A. DiGregorio, Chairman of the Audit Committee. "We will file our Form 10-Q for the 2017 second quarter as soon as the restatements are completed."
The Company is updating its full year 2017 revenue guidance. The Company now estimates that Net Sales will be in the range of approximately $20 million to $22 million.
About Ironclad Performance Wear Corporation
Ironclad Performance Wear is a leader in high-performance task-specific work gloves. It created the performance work glove category in 1998, and continues to leverage its leadership position in the safety, construction and industrial markets through the design, development and distribution of specialized task-specific gloves for industries such as oil & gas extraction; automotive; and police, fire, first-responder and military. Ironclad engineers and manufactures its products with a focus on innovation, design, advanced material science and durability. Ironclad's gloves are available through industrial suppliers, hardware stores, home centers, lumber yards, and sporting goods retailers nationwide; and through authorized distributors in North America, Europe, Australia, Middle East, Asia and South America.
Information about Forward-Looking Statements
This press release contains forward-looking statements, which include the following subjects, among others: the timing for completion of the restatement of prior-period financial results and the corresponding filing of amended periodic reports, and the Company's financial outlook for 2017. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: unanticipated delays in the completion of the restatement occasioned by, among other things, identification of additional errors in our prior-period financial results and the departures of our former chief executive officer and chief financial officer, fluctuations in demand for Ironclad's products, the introduction of new products, Ironclad's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of Ironclad's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in Ironclad's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Ironclad, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. Ironclad undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
James McAlister, CFO
SOURCE Ironclad Performance Wear Corporation